MCG Capital Provides $10.1 Million in Financing to Community Intervention Services to support expansion of diversified behavioral health operator
ARLINGTON, Va.--(BUSINESS WIRE)-- MCG Capital Corporation (NAS: MCGC) ("MCG") today announced the closing of two follow-on investments aggregating $10.1 million in Community Intervention Services ("CIS") to support its acquisition of Access Family Services ("Access") and Family Behavioral Resources ("FBR"). MCG's investments were subordinated term loans.
CIS was established by H.I.G. Growth Partners ("H.I.G."), the dedicated growth capital investment affiliate of H.I.G. Capital, in a partnership with behavioral healthcare executive Kevin Sheehan, to acquire, develop and operate a national network of community-based mental health and substance abuse treatment programs.
Access, headquartered in Charlotte, NC, is a leading provider of community-based outpatient behavioral health services delivered primarily in the patient's natural environment as well as through outpatient day treatment facilities serving as alternative learning environments for children and adolescents who have been unsuccessful in the public school system due to serious behavioral issues. Access currently provides services in six markets across North Carolina.
FBR, headquartered in Greensburg, PA, is a provider of a range of outpatient and community-based behavioral health services, specializing in treating children and adolescents with autism spectrum disorders. FBR currently provides services in 16 counties in southern and western Pennsylvania.
"The strength of the CIS team under the direction of Kevin Sheehan and with the support of H.I.G. have combined to build a strong operating platform with a demonstrated history of clinical success and positioned them well to continue to grow within their targeted patient base" said Bob Marcotte, EVP and Managing Director of MCG Capital.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws.Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms.Such forward-looking statements involve known and unknown risks, uncertainties and other factors including management's belief that the CIS team and H.I.G. have established a strong operating platform with a demonstrated history of clinical success and positioned them to continue to grow within their targeted patient base, as well as those risks, uncertainties and factors referred to in MCG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by MCG from time to time with the Securities and Exchange Commission.As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein.MCG is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MCG Capital Corporation
Keith Kennedy, 703-247-7513
KEYWORDS: United States North America Virginia
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